Flipside Crypto launches NFTs to pull multi-chain data

Blockchain analytics firm Flipside Crypto has launched an online Software Development Kit called ShroomDK, which is based on nonfungible tokens (NFTs) and provides an automated means to pull “comprehensive” blockchain data via software. Being NFT-based enables the SDK to be on-sold or upgraded more easily, according to the company.

Co-founder Jim Myers said that the ability to query blockchain data from multiple chains in an automated (programmatic) fashion has been a “critical piece of missing infrastructure for blockchain developers and analysts.”

Software-as-a-Service, or SaaS, refers to software delivered over the web instead of locally on machines. An SDK generally refers to a kit of software-building tools to create applications for specific devices or operating systems. The tokenized SaaS SDKs from Flipside Crypto allow users to on-sell purchased software development kit access after they have finished with it.

ShroomDK NFTs will allow devs to query data from Ethereum, BNB Chain, Avalanche, Solana, Near, Flow, THORChain and Algorand, while Layer-2 solutions such as Optimism and Arbitrum have been named as well.

Speaking with Cointelegraph, FlipSide Crypto co-founder and CEO Dave Balter stated the NFTs will save users the trouble of having to “manage nodes, complex data pipelines or petabyte-scale databases,” while also offering users a chance to squeeze more value out of their software licenses:

“Wrapping SDK access in an NFT gives a user control over their license. Software licenses are often a sunk cost, meaning if you don’t utilize the purchased license it goes to waste. That’s not great for the end-user, and it’s not great for the provider of the product.”

“By transforming the license into an NFT, remaining usage can be resold to anyone. This benefits both the original holder who can transform a sunk cost into something of value and also allows new users to try out a product at a discount,” he added.

The NFTs can also be upgraded via additional free NFTs named “Spores,” which enable users to increase their query capacity.

Balter stated that the NFTs have already been issued in a closed beta over the past month, and the project has seen strong demand from 50 key analysts and organizations in the crypto space, such as “folks from Rabbithole, Optimism, LlamaDAO, 0x etc.”

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Commenting on the notion of NFTs being tied to specific use cases rather than being merely a speculative asset, Balter emphasized that project utility is especially important given the current bear market.

“Crypto winter has put added pressure on every blockchain to grow and retain developers and users. Project utility is king, but it requires continuous insights for builders to get it right. That’s why ShroomDK is needed now.”

Flipside Crypto is known for enabling on-demand analytics for blockchains, providing data and intelligence to crypto organizations. The firm provides a free, open data platform for “analysts to learn, collaborate and compete to solve analytical challenges via structured bounty programs.”

The launch of the SDK follows a recent Series A funding round led by Republic Capital with support from top crypto firms such as Galaxy Digital Ventures and Dapper Labs in April that saw Flipside Crypto raise $50 million in funding.